MIRA
INFORM REPORT
|
Report Date : |
23.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
NAHAR INDUSTRIAL ENTERPRISES LIMITED (w.e.f.1994) |
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|
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Formerly Known
As : |
OSWAL FATS AND OILS LIMITED |
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Registered
Office : |
Focal Point, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
27.09.1983 |
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|
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Com. Reg. No.: |
16-018321 |
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Capital
Investment / Paid-up Capital : |
Rs. 400.342
Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
L15143PB1983PLC018321 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JLDN00400B / JLDN00758C |
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PAN No.: [Permanent Account No.] |
AAACN7244C |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The company operates in three main business segments i.e. Yarn, Fabrics and sugar. |
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No. of Employees
: |
11107 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record.
Financially company has performed well. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The prospects
of the India’s economy have been seriously compromised due to political
corruption. High inflation, poor standard of living are to a great extent a
result of rampant corruption in the country. China on the other hand, seems to
be facing diametrically opposite challenge. American hedge fund manager Jim
Chanos has been keenly following the political and economic development in the
dragon economy and has figured out something that is quite worrying. He is of
the view that the Chinese economy could be heading toward trouble on account of
new Chinese President Xi Jingping’s very aggressive anti-corruption drive.
Chanos believes tat many things such as apartment sales, luxury products, etc.
were largely bought with dirty money. And it is now beginning to impact
consumption. This may indeed be bad news for an economy that is struggling to
transition from an investment-driven export-oriented economy to a domestic
consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Fund based limited: BBB + |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
July 2013. |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Non Fund based limited: A2+ |
|
Rating Explanation |
Strong degree of safety and higher credit
risk. |
|
Date |
July 2013. |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non-Cooperative (91-161-2672590)
LOCATIONS
|
Registered Office/ Corporate Office 1: |
Focal Point, Ludhiana - 141010, Punjab, India |
|
Tel. No.: |
91-161-2672590/ 592/ 591 |
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Fax No.: |
91-161-2670596/2674072 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office 2 : |
Nagar Tower Industrial Area – A, Ludhiana-141003, Punjab, India |
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Tel. No.: |
91-161-2600701 to 705 |
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Fax No.: |
91-161-2600709 / 2601956 |
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E-Mail : |
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Corporate Office 3 : |
G.T. Road, Sherpur, Ludhiana-141003, Punjab, India |
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Tel. No.: |
91-161-2542501 to 07 |
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Fax No.: |
91-161-2542509 |
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E-Mail : |
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Factory 1 : |
Arham Spinning
Mills Village Udaipur / Khijuriwas, Bhiwadi, District Alwar, Rajasthan,
India |
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Factory 2 : |
Spinning Unit, Spinning Unit- II, Spinning Unit-III, Spinning Unit-IV Village Jalalpur, Chandigarh-Ambala Road, Lalru, District Mohali,
Punjab, India |
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Factory 3 : |
Sambhav Spinning
Mills Industrial Focal Point, Phase VIII, Mundian Kalan, District Ludhiana,
Punjab, India |
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Factory 4 : |
Fabrics Unit Village Jalalpur, Chandigarh-Ambala Road, Lalru, District Mohali,
Punjab, India |
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Factory 5 : |
New Process and
Dyeing Village Jalalpur, Chandigarh-Ambala Road, Lalru, District Mohali,
Punjab, India |
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Factory 6 : |
Nahar Sugar Village Salana Jeon Singh Wala, Tehsil
Amloh, District Fatehgarh Sahib, Punjab, India |
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Factory 7 : |
Nahar Complex, P.O. Dappar, 21st Mile Stone, Ambala-Chandigarh Road, Near Lalru, Mohali - 140506, Punjab, India |
|
Tel. No.: |
91-1762-506503 / 506566 |
|
Fax No.: |
91-1762-506567 |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Jawaharlal Oswal |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Kamal Oswal |
|
Designation : |
Vice Chairman and Managing Director |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.02.1998 |
|
|
|
|
Name : |
Mr. Dinesh Oswal |
|
Designation : |
Director |
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|
Name : |
Mr. Dinesh Gogna |
|
Designation : |
Director |
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|
Name : |
Mr. N. D. Jain |
|
Designation : |
Director |
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|
Name : |
Dr. H. K. Bal |
|
Designation : |
Director |
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|
Name : |
Prof. K. S. Maini |
|
Designation : |
Director |
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|
Name : |
Dr. Y. P. Sachdev |
|
Designation : |
Director |
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|
Name : |
Dr. A. S. Sohi |
|
Designation : |
Director |
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|
Name : |
Mr. A. S. Chatha |
|
Designation : |
Additional Director |
KEY EXECUTIVES
|
Name : |
Mr. Mukesh Sood |
|
Designation : |
Company Secretary |
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|
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|
Name : |
Mr. B. Bhushan Gupta |
|
Designation : |
Corporate Finance Controller |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1324 |
0.00 |
|
|
26935560 |
67.62 |
|
|
26936884 |
67.62 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
26936884 |
67.62 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
18352 |
0.05 |
|
|
8635 |
0.02 |
|
|
169463 |
0.43 |
|
|
112 |
0.00 |
|
|
311913 |
0.78 |
|
|
311913 |
0.78 |
|
|
508475 |
1.28 |
|
|
|
|
|
|
703800 |
1.77 |
|
|
|
|
|
|
7090832 |
17.80 |
|
|
4595150 |
11.54 |
|
|
12389782 |
31.10 |
|
Total Public shareholding (B) |
12898257 |
32.38 |
|
Total (A)+(B) |
39835141 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
39835141 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The company operates in three main business segments i.e. Yarn, Fabrics and sugar. |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
Yarn |
Spindles |
434800 |
204288 |
|
Yarn |
Rotors |
11808 |
7832 |
|
Grey Fabric |
Air Jet looms |
730 |
453 |
|
Processed Fabric |
Meters Per annum |
107000000 |
58400000 |
|
Sugar |
TCD |
5000 |
2500 |
|
Steel Ingots |
MTs per annum |
60000 |
50000 |
|
Particulars |
Unit |
Actual
Production |
|
Yarn (1) |
MTs |
63423 |
|
Yarn on Job Work Basis (1) |
MTs |
14 |
|
Grey Fabric (2) |
Mtrs |
20003522 |
|
Processed Fabric (3) |
Mtrs |
42294809 |
|
Readymade Garments |
Pcs |
-- |
|
Cotton Fibre (4) |
MTs |
-- |
|
Sugar (5) |
Qtls |
305672 |
|
Molasses |
Qtls |
148788 |
|
Bagasses (6) |
Qtls |
888482 |
|
Steel Ingots |
MTs |
-- |
|
Runner and Risers |
MTs |
-- |
Notes:
1.
Production excludes 517 MTs. material reprocessed
and excludes 3,368 MTs. For captive
consumption. Sales Includes interunit transfer of 20,761 MTs. amounting to Rs.
4.016 millions.
2. Production excludes 633,385 Mtrs.
Reprocessed It also excludes 27,161,755 Mtrs. for captive consumption. Sales
include inter unit transfer of 16,513,629 Mtrs amounting to Rs. 1.205 millions.
3. Production excludes 1,632,437 Mtrs.
material reprocessed and include 159,935 Mtrs. On Job work basis. Sales
Includes inter unit transfer of 871,110 Mtrs. amounting to Rs.0.076 million.
4. Sale Includes interunit transfer of 1,625 MTs. amounting to Rs.0.124
million.
5. Production
excludes 4,720 Qtls. of Brown sugar reprocessed.
6. Production includes 815,387 Qtls. for captive consumption. Sale
include inter unit transfer of 65,995 Qtls. amounting to Rs.0.013 million.
7. Other sales includes inter unit transfer of Rs.0.923 million.
GENERAL INFORMATION
|
No. of Employees : |
11107 (Approximately) |
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Bankers : |
· State Bank of Patiala · Punjab National Bank · Punjab and Sind Bank · Indian Overseas Bank · Corporation Bank · Canara Bank · Allahabad Bank · State Bank of India · IDBI Bank Limited |
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|
Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Raj Gupta and
Company Chartered Accountants |
|
Address : |
549/10, |
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|
|
|
Associates : (As on 31.03.2013) |
·
Nahar Poly Films Limited ·
Nahar Capital and Financial Services Limited ·
Atam Vallabh Financers Limited ·
J.L. Growth Fund Limited ·
Vardhman Investments Limited ·
Abhilash Growth Fund Private Limited ·
Kovlam Investment Trading Company Limited ·
Ludhiana Holding Limited ·
Nagdevi Trading Investment Company Limited ·
Nahar Growth Fund Private Limited ·
Neha Credit Investment Private Limited ·
Sankheshwar Holding Company Limited ·
Vanaik Investor Limited ·
Vinayak Spinning Mills Limited ·
Nahar Industrial Infrastructure Corporation
Limited ·
Crown Star Limited ·
Nahar Financial and Investment Limited · Nahar Capital and Financial Services Limited · Oswal Woolen Mills Limited · Atam Vallabh Financers Limited · Cotton County Retail Limited · Monte Carlo Fashions Limited ·
Hug Foods Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.400.342 Millions
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
65000000 |
Equity Share |
Rs.10/- each |
Rs.650.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
39835141 |
Equity Shares |
Rs.10/- each |
Rs.398.351
Millions |
|
|
Add: Share Forfeited Account (Amount originally paid up) |
|
Rs.1.991
Millions |
|
|
Total |
|
Rs.400.342 Millions |
Reconciliation of the
number of equity shares outstanding:
|
Particular |
As on 31.03.2013 |
|
At the beginning of the period |
39835141 |
|
Less : Shares Forfeited |
-- |
|
Outstanding at the end of period |
39835141 |
Terms/rights attached
to equity shares:
The company has only one class of Equity Shares having Face value of 10/- each. Each holder of equity share is entitled to only one vote per share.
Detail of
Shareholders holding more than 5%shares:
|
Shareholders |
Number |
% of holding |
|
Nahar Capital and Financial Services Limited |
9336745 |
23.44 |
|
J L Growth Fund Limited |
3421836 |
8.59 |
|
Nahar Poly Films Limited |
2708800 |
6.80 |
|
Vardhman Investments Limited |
2277955 |
5.72 |
|
Ashish Dhawan |
2590124 |
6.50 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
400.342 |
400.342 |
400.342 |
|
(b) Reserves & Surplus |
6009.118 |
5363.556 |
4991.405 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
6409.460 |
5763.898 |
5391.747 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4735.785 |
5516.430 |
5448.254 |
|
(b) Deferred tax liabilities (Net) |
325.326 |
189.126 |
62.776 |
|
(c) Other long term liabilities |
86.697 |
160.445 |
245.990 |
|
(d) long-term provisions |
24.690 |
34.864 |
9.942 |
|
Total Non-current Liabilities (3) |
5172.498 |
5900.865 |
5766.962 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4624.477 |
5089.751 |
4443.514 |
|
(b) Trade payables |
566.110 |
722.490 |
771.388 |
|
(c) Other current liabilities |
2063.637 |
1718.939 |
1360.985 |
|
(d) Short-term provisions |
112.642 |
106.173 |
62.792 |
|
Total Current Liabilities (4) |
7366.866 |
7637.353 |
6638.679 |
|
|
|
|
|
|
TOTAL |
18948.824 |
19302.116 |
17797.388 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
7694.585 |
7663.857 |
6554.717 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
|
124.305 |
1344.540 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
1390.603 |
1390.598 |
1408.600 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
110.715 |
124.374 |
189.802 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
9195.903 |
9303.134 |
9497.659 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
6325.353 |
6765.201 |
5291.123 |
|
(c) Trade receivables |
2105.145 |
1696.489 |
1557.912 |
|
(d) Cash and cash equivalents |
24.822 |
21.925 |
29.257 |
|
(e) Short-term loans and advances |
359.144 |
633.590 |
660.797 |
|
(f) Other current assets |
938.457 |
881.777 |
760.640 |
|
Total Current Assets |
9752.921 |
9998.982 |
8299.729 |
|
|
|
|
|
|
TOTAL |
18948.824 |
19302.116 |
17797.388 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
18495.141 |
17104.385 |
14078.234 |
|
|
|
Other Income |
64.638 |
79.002 |
69.855 |
|
|
|
TOTAL (A) |
18559.779 |
17183.387 |
14148.089 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
10267.873 |
8719.351 |
9165.716 |
|
|
|
Purchases of Stock-in-Trade |
43.894 |
171.239 |
360.176 |
|
|
|
Changes in Inventories of Finished Goods, Work-in Progress and Stock-in-Trade |
(856.784) |
(64.847) |
(348.878) |
|
|
|
Employee Benefits Expense |
1413.051 |
1240.943 |
958.219 |
|
|
|
Other Expenses |
2082.210 |
4081.665 |
3286.315 |
|
|
|
Power and Fuel |
2296.977 |
|
|
|
|
|
TOTAL (B) |
15247.221 |
14148.351 |
13421.548 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3312.558 |
3035.036 |
726.541 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1058.728 |
1310.262 |
974.455 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2253.830 |
1724.774 |
(247.914) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1203.085 |
1104.826 |
807.445 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
1050.745 |
619.948 |
(1055.359) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
358.270 |
201.500 |
(247.803) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
692.475 |
418.448 |
(807.556) |
|
|
|
|
|
|
|
|
|
Add |
Income tax Liability/refund
of earlier years |
-- |
-- |
(36.218) |
|
|
|
|
|
|
|
|
|
Add |
Transfer from
Contingent Liability Reserve |
-- |
5.512 |
-- |
|
|
|
|
|
|
|
|
|
Add |
Transfer from
FCCBs Periodic Cost Revenue |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
377.663 |
(843.774) |
|
|
|
Proposed Dividend |
NA |
39.835 |
-- |
|
|
|
Corporate Tax on Dividend |
NA |
6.462 |
-- |
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
NA |
2497.498 |
1233.310 |
|
|
|
Other |
NA |
9.028 |
30.713 |
|
|
TOTAL EARNINGS |
NA |
2506.526 |
1264.023 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
27.378 |
64.451 |
|
|
|
Capital Goods and Stores |
NA |
268.616 |
867.897 |
|
|
TOTAL IMPORTS |
NA |
295.994 |
932.348 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.38 |
10.50 |
(19.99) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
3.73 |
2.43 |
(5.71) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.68 |
3.62 |
(7.50) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.98 |
3.49 |
(7.01) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.11 |
(0.20) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.46 |
1.85 |
1.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32 |
1.31 |
1.26 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
400.342 |
400.342 |
400.342 |
|
Reserves & Surplus |
4991.405 |
5363.556 |
6009.118 |
|
Net
worth |
5391.747 |
5763.898 |
6409.460 |
|
|
|
|
|
|
long-term borrowings |
5448.254 |
5516.430 |
4735.785 |
|
Short term borrowings |
4443.514 |
5089.751 |
4624.477 |
|
Total
borrowings |
9891.768 |
10606.181 |
9360.262 |
|
Debt/Equity
ratio |
1.835 |
1.840 |
1.460 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
14078.234 |
17104.385 |
18495.141 |
|
|
|
21.495 |
8.131 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
14078.234 |
17104.385 |
18495.141 |
|
Profit |
14148.089 |
17183.387 |
692.475 |
|
|
100.50% |
100.46% |
3.74% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
No |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Long term
borrowings |
|
|
|
Deferred Payment Liabilities |
9.180 |
26.982 |
|
Loans And Advances from Related Parties |
381.426 |
30.000 |
|
|
|
|
|
Total |
390.606 |
56.982 |
PERFORMANCE REVIEW
The company operates in three main business segments viz. Yarn, Fabrics and Sugar. The textile division (comprises of yarn and fabrics) accounts for 93.25% of the total turnover (including inter-segment) of the company for the year ended 31st March, 2013. Sugar and others also accounts for 6.75% of the total turnover of the company for the year ended 31st March, 2013.
The business wise performance of each segment is as under: -
Yarn: The Company has produced 67,960 MTs of yarn as against 61,331 MTs in the previous year. The total turnover of this segment (including inter-segment) has increased to Rs.14280.600 millions as against Rs.12187.100 millions in the previous year showing an increase of 17.18%.
Fabrics: The Company has produced 74,431,448 meters of fabrics (both grey and processed) as against 62,392,988 meters in the previous year. The total turnover of this segment (including inter-segment) has increased to Rs.9460.300 millions as against Rs.7733.500 millions in the previous year showing an increase of 22.32%.
Sugar: The Company has produced 402,040 Qtls. of sugar as against 400,415 Qtls. in the previous year. The total turnover of this segment has increased to Rs.1698.500 millions as against Rs.945.500 millions in the previous year showing an impressive increase of 79.64%.
During the year the company has achieved operational income of Rs.17163.100 millions as against Rs.14119.700 millions showing an increase of 21.55% over the previous year. The company has earned Profit before finance cost, Depreciation and tax of Rs.3035.000 millions as against Rs. 726.500 millions in the previous year. After providing for Finance Cost of Rs.1310.300 millions (previous year Rs.974.500 millions), Depreciation of Rs.1104.800 millions (previous year Rs.807.400 millions) and Tax Expenses of Rs.201.500 millions (previous year Rs. (247.800) millions) the Profit for the year comes to Rs.418.400 millions as against Loss of Rs. (807.600) millions in the previous year.
The Indian Textile Industry has shown considerable improvement in Financial Year 2012-13 as compared to last year. The industry as a whole witnessed a tough and challenging 2011-12 due to sluggish demand caused by domestic fall in yarn prices and piling up of high cost of inventory. With growing demand, recovery in export markets, better realizations, stable cotton prices and better planning, the company has achieved satisfactory performance.
The management is hopeful that the Company shall be able to meet the challenges ahead and further improve its performance in the coming periods.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY
STRUCTURE/DEVELOPMENT (TEXTILE)
Indian Textile and clothing industry was predominantly unorganized industry, even a few years back, but the scenario started changing after the economic liberalization of Indian economy in 1991. The opening up of economy gave the much-needed thrust to the Indian textile industry, which has now successfully become one of the largest in the world. The textiles sector is the second largest provider of employment after agriculture. Textile industry has made a major contribution to the national economy in terms of direct and indirect employment generation and net foreign exchange earnings. Thus, the growth and all round development of this industry has a direct bearing on the improvement of the Indian economy. The textile industry, an industry with economic importance has always been an important sector for the government. For the development and to keep the textile sector competitive, the government has been supporting the textile and clothing industry through various policies initiatives from time to time.
The global economy has been passing through prolonged phase of uncertainty. The recovery in the advanced economies has been uneven and fragile. India's GDP growth remained low for the second year in a row as against expectations due to abysmal performance in all sectors, particularly in manufacturing sector. The lower growth of global economy and other problems faced by Indian textile industry had a notable dampening effect on growth and business confidence in India over the last 2 to 3 years. Continuing high inflation, lackluster performance on the export front as well as fall in the rate of growth in Industrial production, high prices of crude in International markets in all these have added to the reasons for low economic growth.
Cotton yarn production in India has increased during the year 2012-13 because of improved demand from domestic market as well as export market, mainly from china. According to Organization for Economic Co-operation and Development (OECD) and Food and Agriculture Organization (FAO) report, China's cotton production is expected to decline 17 per cent while production in India is projected to increase 25 per cent, positioning it as the world's largest producer by 2022. China, a major textile products producer for about two decades is now focusing on other sectors, which should open up opportunities for other textile producing countries such as India, Bangladesh and Vietnam. The Global buyers therefore are looking at India as one of the major sourcing destinations. Leading global brands have increased their sourcing from India following greater stability in output and factory compliance compared with other Asian regions. The Indian textile Industry is competitively placed vis-a vis competititors. As a measure of growing interest in the Indian textiles and clothing sector, a number of reputed houses opened their sourcing / liaison office in India. Indian manufacturers are also pro-actively working towards enhancing their Capacities to fulfill this increased demand. The depreciation of Rupee against Foreign Currencies especially US Dollar have also provided a favourable opportunity to the textile industry. This will definitely give a big push to the textile exports which in turn help the country to put the economy on the growth track.
OUTLOOK
According to research firm Tecnopark's Textile and Apparels Compendium 2012 the domestic textile and apparel market in India is worth USD 58 billion and has the potential to grow at a CAG of 9.5 per cent, to reach USD 141 billion by 2021. India's share of the world's textile and apparel exports stands at 4.5%. With an increasing shift of textile and apparel production to Asian nations and declining Chinese competitiveness, this figure is expected 8 per cent by 2020.
Growing domestic demand coupled with growing penetration of organized retail and increasing local sourcing by global brands and retailers in India offer attractive avenues to the textile industry to grow further. Removal of excise duty on garments has provided much needed relief. Foreign Direct Investment, relaxations of the investment policy relating to the multi brand retails open up greater horizons. The Indian textile industry is on a comeback trail due to an improved US economy, recovering demand from European Union and favorable raw material prices. Supportive policy regime and the absolute commitment of private enterprise would add strength to Indian textile industry.
INDUSTRY
STRUCTURE/DEVELOPMENT (SUGAR)
The Indian sugar industry is characterized by the coexistence of private, cooperative and public sector, supporting over 50 million farmers and their families. It is second largest agro-based industry after textiles. The growth of sugar industry has powerful impact on the rural economy. Recently, the Government of India has implemented the recommendations of Dr C. Rangarajan Committee to reform the sugar sector. It took the positive step of abolition of the levy sugar obligation of the sugar mills. This would help in removing the substantial burden of levy subsidy from the mills. Simultaneously the Central Government has done away with the free sale sugar release mechanism, thereby freeing mills to sell sugar without any limitation of periodic quotas as in the past.
OUTLOOK
Growth in sugar demand is driven by the rising consumption in sectors such as confectionaries, sweets and soft-drinks. CRISIL research expects industrial demand to grow at a CAGR of around 4% while household demand increase is expected at 2.5% over the next 5 years. It has tremendous transformational opportunities to meet food, fuel and power needs and earn carbon credit. The company is making all efforts for sugarcane development in the cane area allotted to it by providing Pesticides, Tissue Culture Plants and Tricho-gramma Cards at subsidized rates, supply of disease free seeds and interest free crop loan to the farmers of the area. The Company has undertaken necessary maintenance program me so that the plants fully equipped to crush higher quantity of sugarcane in the ensuing crushing season and to prevent breakdown during the season.
CONTINGENT
LIABILITIES NOT PROVIDED FOR (As on 31.03.2013)
Estimated amount of contracts remaining to be executed on capital account (net of advances) Rs.349.834 Millions (Previous year Rs.364.575 Millions).
Letter of Credits in favour of suppliers and others Rs.485.215 Millions (Previous year Rs.350.594 Millions).
Bank Guarantees in favour of suppliers and others Rs.33.557 Millions (Previous Year Rs.12.898 Millions)
Corporate guarantee given on behalf of others Rs. Nil Millions (Previous year Rs.119.500 Millions)
Sales tax demands against which the company has preferred appeals Rs.12.046 Millions (Previous year Rs.12.046 Millions).
Income tax demands against which the company has preferred appeals Rs.55.200 Millions (Previous year Rs. Nil Millions).
The Central Excise Authorities have issued show cause notices to the Company for Rs.74.929 Millions on various matters under the Central Excise Rules (Previous Year Rs.85.068 Millions). The Company has filed suitable replies with the concerned authorities.
Punjab State Power Corporation Limited has raised a net demand of Rs.12.178 Millions (Previous Year Rs.12.178 Millions) on account of paralleling operation charges for the captive power generation by the Company. The Company has protested the demand in the Hon’ble Courts.
The Company has executed bonds / legal undertakings for an aggregate amount of Rs.690.039 Millions (Previous year Rs.604.187 Millions) in favour of The President of India for fulfillment of its obligations under the rules made under Central Excise Act, 1944 and Customs Act, 1962.
Claims of Rs.43.735 millions (Previous Year Rs.36.806 millions) lodged against the company on various matters are not acknowledged as debts. The company has filed suitable replies with the concerned authorities.
On the basis of liability under disputed derivative contracts the banks have created interest demand of Rs. 13.503 millions so far on account of non payment. Since the derivative contracts are subjudice and disputed, thus the interest liability is contingent and has not been provided for.
STATEMENT OF
UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2014
(Rs. In
Millions)
|
SI. No. |
Particulars |
Quarter Ended
30.06.2014 |
|
|
|
(Unaudited) |
|
1 |
Income From
Operations |
|
|
|
a) Net Sales/Income from Operations (Net of Excise Duty) |
4855.720 |
|
|
b) Other Operating Income |
45.765 |
|
|
Total Income from
operations(net) (a+b) |
4901.485 |
|
2 |
Expenses |
|
|
|
a) Cost of Materials Consumed |
2448.631 |
|
|
b) Purchases of stock-in-trade |
0.768 |
|
|
c) Changes in Inventories of Finished Goods, works-in-progress and stock-in-trade |
434.178 |
|
|
d) Employee Benefits Expense |
366.996 |
|
|
e) Depreciation and Amortization Expense |
358.102 |
|
|
f) Power & Fuel |
598.046 |
|
|
g) Other Expenses |
503.035 |
|
|
Total Expenses (a
to g) |
4709.757 |
|
3 |
Profit from Operations before Other Income, Finance Costs and Exceptional Items |
191.728 |
|
4 |
Other Income |
22.699 |
|
5 |
Profit from Ordinary Activities before Finance Costs and Exceptional Items |
214.427 |
|
6 |
Finance Costs |
278.571 |
|
7 |
Profit from Ordinary Activities after Finance Costs but before Exceptional Items |
(64.144) |
|
8 |
Exceptional items |
-- |
|
9 |
Profit from Ordinary Activities before Tax |
(64.144) |
|
10 |
Tax Expense |
(10.110) |
|
11 |
Net Profit from Ordinary Activities after tax |
(54.034) |
|
12 |
Extraordinary Items (Net of Tax Expense) |
-- |
|
13 |
Net Profit for the Period |
(54.034) |
|
14 |
Paid-up Equity Share Capital (Face Value - Rs. 10/- per share) |
398.351 |
|
15 |
Reserves excluding Revaluation Reserves as per Balance Sheet of previous accounting year |
-- |
|
16 |
Earnings Per Share before and after Extraordinary Items (In Rs.) (not annualised) |
|
|
|
(a) Basic |
(1.36) |
|
|
(b) Diluted |
(1.36) |
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
Public
shareholdings |
|
|
|
- Number of Shares |
12898257 |
|
|
- Percentage of Shareholding |
32.38 |
|
2 |
Promoters &
Promoter Group Shareholding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
-- |
|
|
- Percentage of Shares (as a % of the total Shareholding of promoter and promoter Group) |
-- |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
-- |
|
|
b) Non-encumbered |
|
|
|
- Number of Shares |
26936884 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter and Promoter Group) |
100.00 |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
67.62 |
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
-- |
|
|
Received during the quarter |
22 |
|
|
Disposed of during the quarter |
22 |
|
|
Remaining unresolved at the end of the quarter |
-- |
SEGMENTWISE REVENUE, RESULTS
AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
Quarter Ended |
|
|
30.06.2014 |
|
|
(Unaudited) |
|
Segment Revenue |
|
|
a)Textile |
4493.107 |
|
b) Sugar |
362.087 |
|
c) Others |
0.526 |
|
Total |
4855.720 |
|
Less: Inter Segment Revenue |
-- |
|
Net Sales/Income
from Operations |
4855.720 |
|
|
|
|
Segment Results |
|
|
Profit/(Loss) before Tax .Exceptional items and Interest |
|
|
from each segment |
|
|
a)Textile |
232.490 |
|
b) Sugar |
(3.714) |
|
c) Others |
(14.349) |
|
Total |
214.427 |
|
Less: i) Interest |
278.571 |
|
Total Profit /
(Loss) before Tax |
(64.144) |
|
|
|
|
Capital Employed |
|
|
(Segment assets - Segment Liabilities) |
|
|
a)Textile |
9990.499 |
|
b) Sugar |
624.842 |
|
c) Other (unallocable) |
1759.331 |
|
Total |
12374.672 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10408509 |
21/06/2013 * |
250,000,000.00 |
IDBI Bank Limited |
S.C.O. 126-128, 1ST FLOOR, FEROZE GANDHI MARKET,
LUDHIANA, PUNJAB - 141001, INDIA |
B79262978 |
|
2 |
10403559 |
21/06/2013 * |
400,000,000.00 |
State Bank of India |
IFB, GOLDEN TOWER, DHOLEWAL CHOWK,
LUDHIANA, PUNJAB - 141001, INDIA |
B79269270 |
|
3 |
10384996 |
21/06/2013 * |
870,000,000.00 |
State Bank of Patiala |
COMMERCIAL BRANCH, AARTI COMPLEX, MILLER
GANJ, LUDHIANA, PUNJAB - 141001, INDIA |
B78865441 |
|
4 |
10347326 |
21/06/2013 * |
300,000,000.00 |
State Bank of Paitala |
COMMERCIAL BRANCH, AARTI COMPLEX, MILLER GANJ,
LUDHIANA, PUNJAB - 141001, INDIA |
B79033742 |
|
5 |
10333237 |
21/06/2013 * |
325,000,000.00 |
State Bank of Patiala |
COMMERCIAL BRANCH, AARTI COMPLEX, MILLER
GANJ, LUDHIANA, PUNJAB - 141001, INDIA |
B78861960 |
|
6 |
10326755 |
21/06/2013 * |
300,000,000.00 |
Canara Bank |
BHARAT NAGAR CHOWK, LUDHIANA, PUNJAB -
141001, INDIA |
B79178661 |
|
7 |
10326751 |
13/12/2011 |
400,000,000.00 |
Canara Bank |
BHARAT NAGAR CHOWK BRANCH, LUDHIANA,
PUNJAB - 141001, INDIA |
B29185543 |
|
8 |
10294403 |
21/06/2013 * |
1,700,000,000.00 |
Allahabad Bank |
IIFB, 165, INDUSTRIAL AREA-A, CHEEMA
CHOWK, LUDHIANA, PUNJAB - 141001, INDIA |
B79254207 |
|
9 |
10271563 |
21/06/2013 * |
500,000,000.00 |
Indian Overseas Bank |
SAINIK REST HOUSE BUILDING, KACHERI ROAD,
LUDHIANA, PUNJAB - 141001, INDIA |
B79323978 |
|
10 |
10268681 |
21/06/2013 * |
250,000,000.00 |
Allahabad Bank |
IIFB, 165, INDUSTRIAL AREA-A, CHEEMA
CHOWK, LUDHIANA, PUNJAB - 141001, INDIA |
B79255972 |
|
11 |
10266003 |
31/01/2011 |
300,000,000.00 |
Indian Overseas Bank |
SAINIK REST HOUSE, KATCHERY ROAD BRANCH,
CLOCK TOWER, LUDHIANA, PUNJAB - 141001, INDIA |
B06220362 |
|
12 |
10226627 |
21/06/2013 * |
1,155,000,000.00 |
State Bank of Patiala |
COMMERCIAL BRANCH, AARTI COMPLEX, MILLER
GANJ, LUDHIANA, PUNJAB - 141001, INDIA |
B78866175 |
|
13 |
10218660 |
21/06/2013 * |
359,100,000.00 |
Corporation Bank |
PREMISES NO. 5, NEW LAJPAT NAGAR, PAKHOWAL
ROAD, LUDHIANA, PUNJAB - 141001, INDIA |
B79187423 |
|
14 |
10203168 |
21/06/2013 * |
112,200,000.00 |
IDBI Bank Limited |
S.C.O. 126-128, KALINGA TOWER, FEROZE
GANDHI MARKET, LUDHIANA, PUNJAB - 141001, INDIA |
B79655130 |
|
15 |
10202515 |
21/06/2013 * |
188,816,000.00 |
Corporation Bank |
PREMISES NO. 5, NEW LAJPAT NAGAR, PAKHOWAL
ROAD, LUDHIANA, PUNJAB - 141001, INDIA |
B79232294 |
|
16 |
10174015 |
21/06/2013 * |
202,500,000.00 |
State Bank of Patiala |
COMMERCIAL BRANCH, AARTI COMPLEX, MILLER GANJ,
LUDHIANA, PUNJAB - 141001, INDIA |
B78858594 |
|
17 |
10032660 |
21/06/2013 * |
126,800,000.00 |
Punjab and Sind Bank |
INDUSTRIAL FINANCE BRANCH, DHOLEWAL CHOWK,
LUDHIANA, PUNJAB - 141001, INDIA |
B79131389 |
|
18 |
10032554 |
21/06/2013 * |
61,400,000.00 |
State Bank of Patiala |
COMMERCIAL BRANCH, AARTI COMPLEX, MILLER
GANJ, LUDHIANA, PUNJAB - 141001, INDIA |
B78857273 |
|
19 |
10009476 |
21/06/2013 * |
648,900,000.00 |
State Bank of Patiala |
COMMERCIAL BRANCH, AARTI COMPLEX, MILLER
GANJ, LUDHIANA, PUNJAB - 141001, INDIA |
B78863354 |
|
20 |
10032296 |
21/06/2013 * |
748,900,000.00 |
Punjab National Bank |
INDUSTRIAL AREA BRANCH, MILLER GANJ, NEAR
MANJU |
B78766128 |
|
21 |
80017587 |
21/06/2013 * |
851,500,000.00 |
Canara Bank |
BHARAT NAGAR CHOWK, LUDHIANA, PUNJAB -
141001, INDIA |
B79179743 |
|
22 |
80014582 |
21/06/2013 * |
356,800,000.00 |
State Bank of Mysore |
NEHRU PLACE, 3,4,5, DDA BUILDING, NEW
DELHI, DELHI - 110019, INDIA |
B79128302 |
|
23 |
80017598 |
21/06/2013 * |
421,000,000.00 |
Allahabad Bank |
IIFB, 165, INDUSTRIAL AREA-A, CHEEMA
CHOWK, LUDHIANA, PUNJAB - 141001, INDIA |
B79259727 |
|
24 |
80014576 |
25/09/2006 * |
30,000,000.00 |
CENTURION BANK OF PUNJAB LIMITED |
KALSI NAGAR, LUDHIANA, LUDHIANA, PUNJAB -
141003, INDIA |
- |
|
25 |
80014577 |
21/06/2013 * |
600,000,000.00 |
Punjab National Bank |
INDUSTRIAL AREA BRANCH, MILLER GANJ, NEAR
MANJU |
B78765179 |
|
26 |
80014574 |
03/11/2006 * |
45,000,000.00 |
President of India |
GOVT. OF INDIA, MINISTRY OF CONSUMER AFFAIRS,
FOOD AND PUBLIC DISTRICT DEPP. OF FOOD AND PUBLIC DISTRICT, NEW DELHI, DELHI
- 110001, INDIA |
- |
|
27 |
90171550 |
21/06/2013 * |
192,000,000.00 |
Axis Bank Limited |
MALL ROAD, LUDHIANA, PUNJAB - 141001,
INDIA |
B79656625 |
|
28 |
80044752 |
21/06/2013 * |
300,000,000.00 |
State Bank of Patiala |
COMMERCIAL BRANCH, AARTI COMPLEX, MILLER
GANJ, |
B78860905 |
|
29 |
80017597 |
21/06/2013 * |
112,000,000.00 |
Allahabad Bank |
IIFB, 165, INDUSTRIAL AREA-A, CHEEMA
CHOWK, LUDHIANA, PUNJAB - 141001, INDIA |
B79238432 |
|
30 |
80044756 |
21/06/2013 * |
160,000,000.00 |
State Bank of Patiala |
COMMERCIAL BRANCH, AARTI COMPLEX, MILLER
GANJ, LUDHIANA, PUNJAB - 141001, INDIA |
B78858255 |
|
31 |
80016417 |
21/06/2013 * |
75,000,000.00 |
Punjab National Bank |
INDUSTRIAL AREA BRANCH, MILLER GANJ, NEAR
MANJU |
B78764628 |
|
32 |
80017596 |
21/06/2013 * |
96,000,000.00 |
Canara Bank |
BHARAT NAGAR CHOWK, LUDHIANA, PUNJAB -
141001, INDIA |
B79182499 |
|
33 |
80017651 |
21/06/2013 * |
157,000,000.00 |
Allahabad Bank |
IIFB, 165, INDUSTRIAL AREA-A, CHEEMA
CHOWK, LUDHIANA, PUNJAB - 141001, INDIA |
B79254702 |
|
34 |
90170685 |
21/06/2013 * |
6,600,000,000.00 |
State Bank of Patiala |
COMMERCIAL BRANCH, MILLER GANJ, AARTI
COMPLEX, |
B78962073 |
* Date of charge modification
FIXED ASSETS:
·
·
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.41 |
|
|
1 |
Rs. 99.53 |
|
Euro |
1 |
Rs. 84.82 |
INFORMATION DETAILS
|
Report Prepared by
: |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history (10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.